Condo sales at 1140 North LaSalle continue after investor steps in

RESCUE HERO:

By Dennis Rodkin

Published May 24, 2010

GOLD COASTFROM $99,900TO $190,000

After the developer who was converting this rental building into small, low-priced condos struggled, one of the project’s investors kept things going—at reduced prices. The building—an 86-year-old brick structure at 1140 North LaSalle Street now called The Flats on LaSalle—holds 250 units. Before the investor (who asked not to be named) took over, 150 of them had been sold. “The prices [on the remaining units] are anywhere from $20,000 to $30,000 lower than they were,” says Mary Jo Daly, the Sudler Sotheby’s agent handling sales.

The condos, mostly studios and a few one-bedroom units, start at $99,900 for approximately 320 square feet and go up to $115,500 for about 600 square feet. A trio of condos with views east to the skyline are priced at $123,000 each, and one unit that has an unusually large bedroom and a separate kitchen is going for $190,000. All the units have new kitchen cabinets, and several have Murphy beds or other built-ins that remain from the building’s days as an apartment house. Other features include an enormous rooftop deck and a semi-private park that separates the place from busy LaSalle Street.